Mirror Group Newspapers Plc v Maxwell and Others
| Jurisdiction | England & Wales |
| Court | Chancery Division |
| Judgment Date | 08 July 1997 |
| Date | 08 July 1997 |
Chancery Division
Before Mr Justice Ferris
Insolvency - receivers' duties - manner of exercise of powers
Receivers appointed by the court had to bear in mind as fiduciaries that their duty was to protect, get in and realise the assets of an estate and pass them on to the creditors or beneficiaries concerned and to justify the way in which they had exercised their powers.
Mr Justice Ferris so stated in the Chancery Division in refusing an application by the receivers for further payment on account in proceedings by Mirror Group plc against Kevin Maxwell and Ian Maxwell as alleged personal representatives of the late Robert Maxwell.
Mr Charles Purle, QC, for the receivers; Mr Richard Ritchie as amicus curiae.
MR JUSTICE FERRIS said that following the death of Robert Maxwell on November 5, 1991, Mirror Group Newspapers plc initiated proceedings in December in the Queen's Bench Division against his sons Kevin and Ian as "his personal representatives".
In fact, however, no grant of representation to his estate had been obtained, nor had any such grant been obtained subsequently. In January 1992 the action was transferred to the Chancery Division, and three members of the firm of Buchler Phillips were appointed by the court as receivers.
The receivers made five reports, the latest of which was dated April 14 1997. The receivers employed a...
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Allied Inv Fund Ltd v Johnson
... ... Companies-liquidators-liquidation of international group-liquidators to explore possibility of global liquidation of ... 4 Eq. 692; 17 L.T. 61. (15) Mirror Group Newspapers PLC v. Maxwell (No. 2) , [1998] 1 BCLC ... ...
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Re Waterford Ins Ltd
... ... (5) Mirror Group Newspapers PLC v. Maxwell (No. 2) , [1998] 1 BCLC ... ...
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Re Econ Corporation Ltd (in provisional liquidation) (No 2)
...25 The leading decision in England in this area of the law is a judgment by Ferris J in Mirror Group Newspapers plc v Maxwell (No 2) [1998] 1 BCLC 638. While this was a decision in relation to the remuneration of court appointed receivers, the principles embodied are of general application.......
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Red Sail Frozen Foods Ltd ((in Receivership))Red Sail Kilmore Ltd ((in Receivership)) and Red Sail Exports Ltd ((in Receivership)) Tom Grace
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A Doctrinal Assessment of the Insolvency Frameworks of African Countries in Coping with the Pandemic-Triggered Economic Crisis
...Law & Economics Worki ng Pa per 624 SSRN 1 6-7 (accessed 20- 03-2021)102 See Mirror Gro up Newspaper s plc v Maxwell News papers, Inc [1998] BCC 324, where “the three accounti ng firms han dling the adm inistration of t he Maxwell empire re ported fees of nea rly £35 million and the r eceiv......
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A Doctrinal Assessment of the Insolvency Frameworks of African Countries in Coping with the Pandemic-Triggered Economic Crisis
...Worki ng Pa per 624 SSRN 1 6-7 id=3567127> (accessed 20- 03-2021)102 See Mirror Gro up Newspaper s plc v Maxwell News papers, Inc [1998] BCC 324, where “the three accounti ng firms han dling the adm inistration of t he Maxwell empire re ported fees of nea rly £35 million and the r eceivers ......
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Coping with the Covid-19 pandemic: A comparative study of the capabilities of the Kenyan and Nigerian insolvency frameworks
...See V Finch Corporate Insolvency Law – Perspectives and Principles 2 ed (2009) at 456.49 See Mirror Group Newspapers plc v. Maxwell [1998] BCC 324, where the administrators’ fees cost over 35 million pounds; DKLL Solicitors v. HM Revenue & Customs [2007] BCC 908 (commenting on how administr......
